Mexichem Acquires Wavin to Create Global Leader in PVC Pipe Systems

9:28 AM MST | February 8, 2012 | Sotirios Frantzanas

Mexichem (Tlalnepantla, Mexico) says it has agreed to acquire 100% of Wavin (Zwolle, the Netherlands) for approximately €531 million ($704 million). Mexichem intends to make a cash offer of €10.50 per Wavin ordinary share. The offer represents a premium of 177% over the closing price of Wavin's shares on November 18, 2011. The offer is expected to commence in the first quarter of 2012. Mexichem's proposed acquisition of Wavin would create the global leader in the polyvinyl chloride (PVC) pipe systems market, with total annual sales of about...